Another no report Monday. I posted in chat this morning “Without any new information, it will be very difficult for the ES to climb to new highs today. I’m expecting a low volatility day with possibly some downward movement.” I set the high frame area for today from 46.75 to 49.75. The ES behaved as I visualized; it was low volatility and price topped out at 50.75. The only problem is that I didn’t expect a low volatility day to be unidirectional. The institutions were active and showed periods of selling and buying. In the morning, yesterday’s close of 44.50 became the line in the sand. The bears tried to defend the area and the bulls tried to overtake it. The institutions were involved in the battle and several short opportunities unfolded. Unfortunately short was not to be a direction for today and the opportunities were not profitable. Also, no other opportunities unfolded to offset the losses.
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